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Parliament Approves Rs.695 billion Supplementary Estimate

The Supplementary Estimate of Rs. 695 billion presented by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of Finance, was approved yesterday (08) in Parliament without a vote…

 Sri Lanka needs $6 billion to keep the country afloat for the next six months

Sri Lanka requires $6 billion during the next six months to keep the country afloat, according to Prime Minister Ranil Wickremesinghe. Over half of the requirements is for fuel and…

Arjun Aloysius’ W.M. Mendis & Co Ltd obtained Rs.7B-worth loans from two State Banks by mortgaging the same property

The Committee on Public Enterprises (COPE) recently observed that W.M. Mendis & Co Ltd has obtained loans by mortgaging the same property in Bank of Ceylon (BOC) and People’s Bank.…

Cash-strapped Sri Lanka hit by record inflation

(AFP) – Crisis-hit Sri Lanka’s inflation hit a record high for the sixth consecutive month, official data showed on Friday as the government asked the IMF for an urgent bailout. The…

Sri Lankan Economic Crisis Inflicted by Self-Serving Elite

By Anis Chowdhury and Jomo Kwame Sundaram Sri Lanka has just defaulted on its foreign debt for the very first time. Attributing its current predicament to a Chinese ‘debt-trap’ is a new Cold War…

Sri Lanka’s Business Chambers urges the President to initiate immediate legislative action to repeal the 20th amendment

Concerned by the current political deadlock coupled with growing public unrest, Sri Lanka’s Joint Business Chambers led by the Ceylon Chamber of Commerce (CCC) urged President Gotabaya Rajapakse to immediately…

Fidelity among big Sri Lankan debt holders staring down risk

GLOBAL asset managers including Fidelity Investments and T Rowe Price Group could be staring down the risk of default in Sri Lanka in the face of a deepening economic crisis.…

Sri Lanka’s Central Bank to Cut nearly one-third of its holdings in government securities

Entering into a reverse course in money-printing, the Central Bank of Sri Lanka (CBSL) plans to cut nearly one-third of its holdings (Rs.500 billion) in government securities amidst rising inflation…

In cash-strapped Sri Lanka, two men die waiting in queue for fuel

At least two people have died in Sri Lanka while waiting in long queues for fuel, officials say, as widespread shortages and sky-rocketing prices cause misery and hardship across the…

IMF Urges Sri Lanka to implement an ambitious fiscal consolidation program to overcome the economic crisis

The International Monetary Fund (IMF) urges Sri Lanka to implement an ambitious fiscal consolidation that is based on high-quality revenue measures which consist of raising income tax and VAT rates…